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j U N 2`5 1990 MOK 43 F,Au 939 State of Florida relating to the securing of public funds. When the moneys on deposit in the Construction Account_ exceed the estimated disbursements on account_ of the Project for the next 90 days, the Issuer may direct the depository bank to i.tivest- such excess funds in direct obligations of, or obligations the prin- cipal of and interest on which are guaranteed by, the Un j. ted States of America, which shall be subject to redemption at any time at face value pursuant to the re<iuest_ of the holder thereof. The earnings from any such investment shall be deposited in the Construction Account.. When the construction of the Project has been completed and all construction costs have been paid in full, all funds remaining in the Construction Account_, except_ grant funds, shall be deposited in the Sinking Fund, and the Construction Account shall be closed. All moneys deposited in the Construction Account shall be and constitute a trust fund created for the purposes stated, and there is hereby created a lien upon such fund in favor of the holders of the Bonds until the moneys thereof shall have been applied in accordance with this Instrument. 3.04 Covenants of the Issuer. So long as any of the principal of or interest: on any of tike Bonds shall be outstanding and unpaid, or until there shall have been set, apart in the Sinking Fund, including the Reserve Account_ therein, a sum Suf- ficient to pay, when due, the entire principal of the Bonds remaining unpaid, together with interest accrued and to accrue thereon, the Issuer covenants with the holders of any and all of the Bonds as follows: (A) Annual Budget of Operating Pxenses. The Issuer covenants and agrees that. on or before the date of delivery of the Bonds to the purchaser thereof, it will adopt a budget of Operating Expenses for the remainder of the then current Fiscal Year. Thereafter, on or before the first day of each Fiscal Year during which any of the Bonds are outstanding, it will adopt an Annual Budget of Operating Expenses for the ensuing Fiscal Year, and will mail a copy of such Annual Budget or amendments thereto to any requesting bondholder. The Issuer covenants that the Operating Expenses incurred in any year will not exceed the reasonable and necessary amounts required therefor, and that it will not expend any amount or incur any obligations for the Operation, maintenance and repair of the System in excess of the amount provided for Operating Expenses in the Annual Budget, except upon resolution of the its Board of County Commissioners that such expenses are necessary to operate and maintain the System. -21-